EASTON, Md. — TeraWulf Inc. (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure, announced the acquisition of a hyperscale high-performance computing (“HPC”) development site strategically located in Eastern Kentucky (the “Muskie Data Campus”).
The acquisition meaningfully expands TeraWulf’s portfolio of large-scale, energy-advantaged digital infrastructure campuses and advances the Company’s strategy of developing shovel-ready AI and HPC sites with long-term power availability, robust transmission infrastructure, and strong community alignment.
The Muskie Data Campus, acquired from Industrial Equity Partners (“IEP”), is expected to support more than 1 gigawatt (“GW”) of data center capacity over time. Delivery of the initial 500 megawatts (“MW”) is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for delivery in the second half of 2030.
Jake Bronstein and Michael MacDougall, speaking on behalf of IEP, said, “We have long believed the Muskie Data Campus represented a compelling opportunity for large-scale digital infrastructure development in Eastern Kentucky. We believe TeraWulf brings the infrastructure expertise, power strategy, and execution capabilities needed to realize the project’s full potential.”
Located within the 1,000-acre EastPark Industrial Park, the site includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure, with optional adjacent acreage to support future expansion. Regional economic development leaders have identified the project as one of the most significant economic development opportunities in northeastern Kentucky in decades.
Kentucky Power, an AEP Company, is constructing a 345 kV substation connected to the existing 765 kV transmission network, providing redundant, utility-scale power infrastructure designed to support the full 1+ GW campus. Transmission infrastructure and energy service agreements were executed concurrently with the acquisition pursuant to the applicable Industrial General Service tariff structure for large loads, establishing a clear pathway to long-term, large-scale power delivery.
The site is already zoned for its intended use, with permitting activities underway and limited site work required to support data center construction. The Company believes the Muskie Data Campus provides a clear line of sight to near-term construction commencement and accelerated time-to-power relative to many competing development opportunities.
TeraWulf intends to work collaboratively with regional educational and workforce development institutions to support workforce training and long-term economic development initiatives associated with the Muskie Data Campus.
Management Commentary
“This acquisition further reinforces the strategy we discussed on our first quarter earnings call: securing and developing large-scale, power-advantaged sites capable of supporting the next generation of HPC workloads,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. “As we said then, the defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty. The Muskie Data Campus directly aligns with that thesis.”
Prager continued, “Muskie combines scalable power, robust transmission infrastructure, development readiness, and strategic regional positioning in a way that is increasingly difficult to replicate. The campus will be purpose-built around utility-scale infrastructure, including dedicated transmission investments and long-term power delivery planning designed specifically to support hyperscale AI workloads.”
“TeraWulf is fundamentally a power infrastructure company that builds digital infrastructure, not the other way around,” added Prager. “Our ability to identify, secure, and develop sites like Muskie reflects the advantages of our integrated approach and deep experience operating complex energy infrastructure assets. Muskie further expands our multi-campus development pipeline and strengthens our ability to serve large-scale AI and HPC customers across multiple regions and power markets.”
Prager concluded, “This project also reflects an important core strategy at TeraWulf: disciplined growth. We continue to focus on sites with durable power control, scalable expansion potential, strong utility relationships, and clear pathways to commercialization. Muskie is an excellent example of that strategy in action.”
TeraWulf expects the Muskie Data Campus to serve as a transformational economic development initiative for the region, with support from the Governor’s office, local county leadership, and regional economic development authorities. The project is expected to generate substantial construction activity, long-term skilled employment opportunities, workforce development initiatives, infrastructure investment, and incremental tax revenue over time.
Along with the Company’s 480 MW Justified Data campus in Hancock County, the Muskie Data Campus represents TeraWulf’s second major digital infrastructure campus in Kentucky. This further expands the Company’s presence in a state that continues to emerge as an attractive market for large-scale AI and HPC development due to its robust energy infrastructure, supportive business environment, and strong engagement from state and local stakeholders.
Tagged with data centers, Power Brief